The Cutting Department of Lasso Company has the following production and cost data for August. 1. Started and completed 9,600 units. 2. Started 2,300 units that are 40% completed at August 31. The equivalent units of production eTextbook and Media Production Unit costs Determine the equivalent units of production for (1) materials and (2) conversion costs. Compute unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.) $ Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Lasso Company uses the FIFO method to compute equivalent units. eTextbook and Media Assignment of Costs Transferred out Materials Materials Work in process, August 31 Conversion costs Total costs Materials $ $ Beginning work in process Materials. Labor Costs $ Manufacturing overhead Conversion Costs Show the assignment of manufacturing costs to units transferred out and in work in process. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 1,225.) $ $0 Conversion Costs 48,195 13,300 16,682

The Cutting Department of Lasso Company has the following production and cost data for August. 1. Started and completed 9,600 units. 2. Started 2,300 units that are 40% completed at August 31. The equivalent units of production eTextbook and Media Production Unit costs Determine the equivalent units of production for (1) materials and (2) conversion costs. Compute unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.) $ Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Lasso Company uses the FIFO method to compute equivalent units. eTextbook and Media Assignment of Costs Transferred out Materials Materials Work in process, August 31 Conversion costs Total costs Materials $ $ Beginning work in process Materials. Labor Costs $ Manufacturing overhead Conversion Costs Show the assignment of manufacturing costs to units transferred out and in work in process. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 1,225.) $ $0 Conversion Costs 48,195 13,300 16,682

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The Cutting Department of Lasso Company has the following production and cost data for August.
1. Started and completed 9,600 units.
2.
Started 2,300 units that are 40% completed at August 31.
The equivalent units of production
eTextbook and Media
Production
Unit costs
Determine the equivalent units of production for (1) materials and (2) conversion costs.
Compute unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.)
$
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Lasso Company
uses the FIFO method to compute equivalent units.
eTextbook and Media
Assignment of Costs
Transferred out
Materials
Materials
Work in process, August 31
Conversion costs
Total costs
Materials
$
$
Beginning work in process
Materials
Labor
Costs
$
Manufacturing overhead
Conversion Costs
Show the assignment of manufacturing costs to units transferred out and in work in process. (Round unit costs to 2 decimal places,
e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.)
$
$0
Conversion Costs
48,195
13,300
16,682

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Step 1: Introduce to FIFO METHOD

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